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SVP, Head of Fraud Operations

Job ID: R-002639 Date posted: 03/27/2018 Primary Location SC-Fort Mill

The Senior Vice President of Fraud Operations is responsible for the establishment and implementation of the operational (first line of defense) fraud program at LPL Financial.  The objective of the role is to proactively protect, prevent, detect and respond to fraudulent or potentially fraudulent behavior and activities across all operational processes. The development of critical continuous monitoring tools within the Firm’s key risk areas to proactively detect and quickly respond to potential fraud activities will be central to the role. 

The successful candidate will work closely with key stakeholders across the organization to establish, maintain and oversee LPL’s enterprise-wide fraud prevention and detection strategy to mitigate potential fraudulent activities both internally and externally. Key stakeholders include Technology, Financial Crimes Compliance, Risk, Brokerage & Investment Advisory Compliance, Legal, Finance and Service.

Essential Functions:

Strategy

  • Establish strategic goals and objectives for the development and implementation of a strong fraud surveillance program within LPL.
  • Collaborate with Compliance, Legal, Risk and Technology to develop a detailed, multi-year implementation roadmap.
  • Develop the business case and staffing model required to support the overall Fraud Program.
  • Define strategies to identify, investigate and mitigate fraudulent activities.

Leadership

  • Own and manage Fraud detection and prevention efforts.
  • Lead, develop and manage fraud team responsible for the execution of the Firm’s first line of defense fraud program.
  • Provide leadership to address key strategic initiatives and opportunities, working in collaboration with multiple functions and business channels. 
  • Build effective business partnerships and relationships with senior leaders across the Firm to affect change. 
  • Create and lead team responsible for the supervision of and adherence to fraud prevention and detection protocols.
  • Exercise sound judgment and discretion in making independent complex decisions.
  • Ability to influence and form consensus with individuals throughout the organization and at all levels. 

Risk Management

  • Develop strong policies and procedures within business areas to help identify and proactively mitigate fraud risks.
  • Understand the unique challenges and tremendous opportunities associated with a rapidly growing fast-paced, entrepreneurial environment
  • Continuously improve the Firm’s fraud prevention and detection controls. 
  • Be a vocal leader with idea generation; providing challenges to the status-quo.
  • Develop metrics and management reporting for the monitoring of Fraud across operations. 
  • Analyze losses and fraud trends, ensuring implementation of new fraud detections strategies, weighing risks versus efficiency.
  • Partner with the Firm’s training organization to develop and deliver training programs to increase awareness and detection of potential fraud situations.
  • Review end-to-end processes within operations units to identify potential gaps and automation opportunities.

Project Management

  • Ability to lead a team responsible for designing or locating a partner capable of manipulating large data sets for the purpose of identifying fraud trends and potential fraud concerns on account and firm levels.

Qualifications:

  • Bachelor’s degree in a related field; MBA or other advanced degree a plus
  • Series 7 and 24 required
  • Series 99 preferred
  • 15+ years’ brokerage industry experience, with specific experience in operations, fraud prevention and detection and compliance/surveillance
  • Experience leading and motivating a direct report and cross-functional team and influencing others outside of direct reporting relationship
  • Daily interaction with LPL Financial Advisors as well as Senior and Executive Management across LPL
  • Ability to excel in a deadline driven, high-risk based environment and oversee and enforce Firm and regulatory requirements
  • Experience with contract and vendor negotiations
  • Problem solving skills that enable efficient identification of issues; structuring and execution of analysis; development of actionable recommendations; and implementation of those recommendations
  • Must communicate effectively with LPL Advisors and various levels of LPL management, including executives
  • Must be able to prioritize responsibilities to ensure deadlines are met
  • Strong skills in MS Office; Excel, Access, Outlook, Word, PowerPoint, etc.

Our Company:

LPL Financial, the nation’s largest independent broker/dealer since 1996* and the fourth largest broker/dealer overall, serves as an enabling partner to more than 14,000 independent financial advisors and approximately 700 financial institutions. Since its formation decades ago, LPL has focused on one primary mission -- enabling independent financial advisors to bring objective and un-biased financial advice to millions of Americans. 

Headquartered in Boston, San Diego, and Fort Mill, and powered by more than 3,300 client-centric employees, LPL is financially strong and growing.

Our Culture:

If you join LPL, you will join a culture that believes in delivering a world-class client experience and looks to all employees to contribute to that goal by sharing their creativity, experience, and passion for continuous improvement. As a destination of choice, our top priorities are growth and development, social responsibility, and financial health for our employees. 

We offer competitive compensation and industry leading benefits, including a wellness facility with onsite fitness classes, healthy meal choices, and a walk-in clinic. We support employee financial health through a 401k match, ESPP, and employee discounts. Work/life balance is our foundation and is supported through paid holidays, and paid time off (including time to volunteer). We foster a diverse work environment through Employee Resource Groups and diverse strategic partnerships.  

Join the LPL team and help us make a difference by turning life’s aspirations into financial realities. Please login or create an account to apply to this position. Principals only. EOE

*As reported by Financial Planning magazine, June 1996-2017, based on total revenue.

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